Im a student at YSU in Youngstown, Ohio and I'm taking a computer programming and problem solving class. I'm lost completely and I have this assignment that was given to me that I have no clue at all what to do. My question to you is could you please help me do a loan amoritization.
You are to write a LOAN AMORITIZATION program. Loan Amoritization involves computing the current loan balance for each payment period of the loan. You should assume that the loan is paid off in equal monthly installments.
Your program should prompt for the needed data and generate the appropriate output.
In order to amoritize the loan, you must know at least three of the following:
- the initial loan value,
- the number of months the loan is in effect, and
- the Annual Percentage Rate (APR).
- the monthly payment
For this program, you should prompt the user for the first three items and then compute the monthly payment. The following formula will be useful: FACTOR * VALUE * MONTHLY_RATEPAYMENT = ------------------------------- FACTOR - 1 where FACTOR = (1 + MONTHLY_RATE) ** NUMBER_OF_MONTHSOnce you have all four values, the loan amoritization involves computing a new balance each month. This is done by adding new interest and subtracting the payment each month.
Any help would be greatly appreciated.